MCD · 10-Q · 2026Q3 · Full report

Operating Cash Flow Trends

MCDONALDS CORP · 2026-11-06 · Importance 39 · Surprise 6

Cash provided by operations totaled $8.3 billion for the nine months ended September 30, 2026, exceeding capital expenditures by $5.9 billion. Operating cash flow increased from the comparable 2025 period, primarily due to improved operating results. Cash used for investing activities was $2.5 billion, down year over year primarily because proceeds from restaurant sales were higher. Cash used for financing activities was $5.4 billion, up $1.5 billion year over year, primarily because of lower bond issuances, partly offset by lower bond repayments.

Key facts

• McDonald’s expects a 2026 free cash flow conversion rate in the low-to-mid 80% range. source
• Cash provided by operations totaled $8.3 billion and exceeded capital expenditures by $5.9 billion for the nine months ended September 30, 2026. source
• Cash used for financing activities totaled $5.4 billion for the nine months ended September 30, 2026, an increase of $1.5 billion year over year, primarily due to lower bond issuances, partly offset by lower bond repayments. source
• McDonald’s expects a full-year free cash flow conversion rate in the mid-to-high 80% range by the end of 2030. source
• Cash used for investing activities totaled $2.5 billion for the nine months ended September 30, 2026, decreasing primarily due to higher proceeds from restaurant sales. source
• Nine-month operating cash provided increased compared with 2025, primarily due to improved operating results. source